Mylan shares drop 6% on report of investigation into company president

shares dropped 6% in extremely heavy midday trade Tuesday on a Bloomberg report that Mylan president Rajiv Malik is the target of a civil investigation by many states into alleged generic drug price collusion. Malik would be the first top executive from a major pharmaceutical company sued in the case, the Bloomberg report said. Mylan said in a statement that it has “found no evidence of price fixing on the part of Mylan or its employees” and that it “had deep faith in the integrity of its President, Rajiv Malik, and stands behind him fully.” Mylan shares have dropped 7.8% over the last three months, compared with a 4.2% rise in the S&P 500